Exam 12: Understanding Marketing Principles and Developing Products

What type of brand is Coca-Cola?

In which stage of the product development process does the firm eliminate all product ideas that do not mesh with the firm's abilities, expertise, or objectives?

Which segment of a market will consider consumer characteristics such as their motives, opinions, interests, and attitudes?

What is brand equity?

Milk, newspapers, bread, and batteries are examples of ________ goods.

Multicultural marketing is part of market segmentation by

Hansen Trucking Company transports detergent from a loading dock in Toronto to a supermarket shelf in Sherbrooke. This is a(n) ________ element of the marketing mix.

With respect to influences on consumer behaviour, perceptions are included in the category "personal influences," while reference groups are included in the "social influences" category.

Melissa was visiting San Francisco. When she arrived at Fisherman's Wharf, she decided to purchase a souvenir T-shirt for her boyfriend back home. Since there are about 40 T-shirt retailers in that area, Melissa spent the rest of the day searching for the shirt that would convey just the right meaning to her boyfriend. For Melissa, the shirt was a(n) ________ good.

Hydraulics Inc. makes filters for manufacturing companies. What kind of marketing is it engaged in?

Provide examples showing how the importance of the marketing mix elements varies across different products.

A consumer who recognizes that he or she is thirsty during a shopping trip is in the problem recognition stage of the buying process model.

You are asked to come up with a new widget. What would your first step be?

When Procter & Gamble sent video crews into households in the United Kingdom, Germany, and China to capture people's daily routines and product interaction, this was an example of both primary data gathering and the use of observation as a market research method.

The marketing concept means that the marketing function in a business is more important than either production or finance.

Which element of the marketing mix is illustrated by the use of premiums, trading stamps, and coupons meant to encourage consumers to buy more of a product?

Smart phones are an example of what kind of factor in the business environment?

The first step in conducting market research is to study the current situation in order to identify a need and to determine how that need is being met.

Macmoo Real Estate is beginning to use data-driven processes to determine the value that it gets from different marketing activities. Macmoo's website lists available properties and allows customers to request information. Macmoo tends to advertise in local newspapers and specialized real estate periodicals. The marketing director believes that Macmoo's traditional spring advertising campaign, which runs during the month of March, is an effective use of advertising resources. When pressed for evidence, the marketing director points out that revenues in March have consistently been higher than revenues in February. During 2013, Macmoo completed fewer real estate transactions than it did during any similar time period during the last five years. Still, the marketing director claims that its marketing efforts led to very positive financial results for Macmoo. Which of the following, if true, would resolve this seeming discrepancy?

The four P's of the marketing mix are product, pricing, promotion, and place.